Sting Says His Children Won't Inherit His Money

June 22, 2014 (7:13 pm) GMT

Despite his huge fortune, Sting wants his children to stand on their own feet without depending on trust funds.

Sting is one of the richest musicians in Britain with his wealth estimated at $306 million. Before he became a superstar, the father of six grew up in a working-class family. In an interview with Mail on Sunday, he wants his children to earn their own money and not to expect trust funds from him.

"I told them there won't be much money left because we are spending it! We have a lot of commitments. What comes in, we spend, and there isn't much left," he says. "I certainly don't want to leave them trust funds that are albatrosses round their necks."

"They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate. Obviously, if they were in trouble I would help them, but I've never really had to do that. They have the work ethic that makes them want to succeed on their own merit."

Sting, 62, was among the top 10 on Sunday Time Rich List in 2013. He has two children, Joseph, 37, and Kate, 32, from his first marriage to actress Frances Tomelty. He also has four children, Brigitte Michael, 30, Jake, 28, Eliot Pauline, 23, and Giacomo Luke, 18, from his second marriage to Trudie Styler.

He is not the only celebrity who doesn't believe in trust fund. Celebrity chef Nigella Lawson said a few years ago, "I am determined that my children should have no financial security. It ruins people not having to earn money."